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Regulate Alcohol Marketing, Advertising and Sponsorship – Says WHO

World Health Organisation decries the use of ‘sophisticated online marketing techniques for alcohol marketing and called for regulation

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Alcohol

In its new publication released on Tuesday, World Health Organisation decries the use of ‘sophisticated online marketing techniques for alcohol marketing and called for regulation.

The new way of marketing alcohol is today being done “across national borders – often by digital means. And in many cases regardless of the social, economic or cultural environment in receiving countries.”

Worldwide, 3 million people die each year as a result of harmful use of alcohol – one every 10 seconds – representing about 5 percent of all deaths.

A disproportionate number of these alcohol-related deaths occur among younger people, with 13.5 percent of all deaths among those who are 20–39 years of age being alcohol-related.

Director-General, WHO, Dr. Tedros Adhanom Ghebreyesus, said  “Alcohol robs young people, their families and societies of their lives and potential. Yet despite the clear health risks, controls on the marketing of alcohol are much weaker than for other psychoactive products.

“Better, well enforced and more consistent regulation of alcohol marketing would both save and improve young lives across the world,” he asserted.

A digital revolution in marketing and promotion

In the report: One of the biggest changes in recent years to alcohol marketing is the use of sophisticated online marketing.

“Specific social media adverts are especially effective at using such data, with their impact strengthened by social influencers and sharing of posts between social media users,” the report read.

“The rising importance of digital media means that alcohol marketing has become increasingly cross-border, said Dag Rekve of the Alcohol, Drugs and Addictive Behaviours Unit at the World Health Organization.

Sponsorship of sporting events

According to the report, “sponsorship of major sporting events at global, regional and national levels is another key strategy used by transnational alcohol companies (which are gaining increasing dominance in the production and branding of alcohol beverages).

“Such sponsorship can significantly increase awareness of their brands to new audiences. In addition, alcohol producers engage in partnership with sports leagues and clubs to reach viewers and potential consumers in different parts of the world,” it concluded.

The high rate of the e-sports market has become another opportunity for companies to sponsor events and in turn, increase international sales.

According to an analysis of the 100 highest-grossing box office, U.S. branded alcohol was shown in almost half of the movies shown between 1996 and 2015,

Highlights of the report:

  • The lack of regulation to address cross-border marketing of alcohol is of concern for children and adolescents, women, and heavy drinkers.
  • A focus on marketing to specific audiences – Heavy and dependent drinkers are another target for marketing efforts since in many countries just 20 per cent of current drinkers drink well over half of all alcohol consumed. Alcohol-dependent people frequently report a stronger urge to drink alcohol when confronted with alcohol-related cues, yet they rarely have an effective way to avoid exposure to the content of the advertising or promotion.
  • Call for Partnership
  • Dag Rekve called for a partnership to make it easy for countries to be able to regulate alcohol marketing and control their jurisdiction.
  • The WHO report concludes that national governments need to integrate comprehensive restrictions or bans on alcohol marketing, including its cross-border aspects, into public health strategies.

Data by Statista shows that in Nigeria:

  • Revenue in the Alcoholic Drinks market amounts to US$31.76bn in 2022 and is expected to grow annually by 11.95 per cent.
  • Per person revenue of US$146.50 is generated in 2022.
  • By 2025, 1 per cent of spending and 1 per cent of volume consumption in the Alcoholic Drinks market will be attributable to out-of-home consumption, for instance, in bars and restaurants).
  • In the Alcoholic Drinks market, volume is expected to amount to 19,537.6mltr by 2025. The market for Alcoholic Drinks market is expected to show a volume growth of 1.0% in 2023.
  • The average volume per person in the Alcoholic Drinks market is expected to amount to 88.09ltr in 2022.

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Business

Black Market Dollar To Naira Exchange Rate For Today 27th January 2023

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Naira Exchange Rates - Investors King

You can access the black market Dollar to Naira exchange rate for today, 27th January on Investors King.

This online business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

Note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means that…you can buy or sell 1 dollar at ₦750 and ₦755, and the price can change (high or low) within hours.

How Much Is Black Market Dollar To Naira Exchange Rate Today?

Dollar to naira exchange rate today black market (Aboki dollar rate):

Investors King understands that the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N750 and sell at N755 as of the time of filing this report.

Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 750
Selling Rate 755

The local currency opened at N755.00 per $1 at the parallel market otherwise known as the black market today Friday, 27th January 2023, in Lagos Nigeria, after it closed at N750 per $1 on Thursday, 26th January 2023.

Even though the dollar to naira opened in the parallel market at N755 per $1 today, Investors King reports that the Central Bank of Nigeria (CBN) does not recognize the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.

Investors King reports that in the black market, the players buy a dollar for N750 and sell for N757 on Friday morning, January 27, 2023, after they purchased N744 and sold for N746 on Thursday, 26 January 2023.

Meanwhile, Investors King reports that the USD started this week at ₦745 in Parallel Market also known as Black Market on Monday, January 23, 2023, in Lagos Nigeria, after it opened at ₦744 last week Monday, January 16, 2023.

Factors Influencing Foreign Exchange Rates

Here are some of the causes of the dwindling dollar to naira exchange rate.

Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.

Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.

Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.

Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.

Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.

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Company News

Automobile Firm to Complete Large Assembly Plant In Ogun, Unveils Plans to Build Vehicles

The plant would be completed by the end of the year and its operation would boost the exportation of vehicles abroad

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Lanre Shittu Motors

As part of its plans to expand its business space and boost exportation, an automobile Firm, Lanre Shittu Motors (LSM) has said it was constructing a large vehicle assembly plant in Sagamu, Ogun State.

According to the Group Executive Director of the firm, Mr Taiwo Shittu, the plant would be completed by the end of the year and its operation would boost the exportation of vehicles abroad.

The CEO of the indigenous auto assembler, during an interview in Lagos State, also disclosed plans to build vehicles that will be known as Lanre Shittu.

Already, Shittu said the firm has started assembling a mid-size pickup truck christened Huanghai LSM, in partnership with a Chinese automobile manufacturer, Dandong Huanghai Automobile Co Ltd with a view to building Nigerian auto industry.

Shittu, while explaining the reason behind the collaboration of LSM with the Chinese firm, said it was to share technology and other things that would aid exportation to other African countries and beyond.

He said his firm has a plan to own a vehicle called LSM (Lanre Shittu Motors), and described Huanghai as a very good brand which is the second-biggest pickup company in China.

He said LSM’s partnership with Huanghai would afford them the opportunity to share technology among others before fully facing the indigenous firm.

LSM chief executive noted that the focus of the firm is to build the Nigerian automobile industry to the level of exporting its products to other African countries and beyond, adding that LSM, which will be 42 as a vehicle manufacturer this year would soon have its brand intact.

According to him, the company’s assembly plant had started injecting local content into products coming from the auto assembler, saying that about 30 percent of components of vehicles assembled from Lanre Shittu Motors are currently sourced locally.

For him, all the lubricants, the grease, liquid-based materials used in vehicles are assembled and sourced locally, adding that materials for the box body, which is the buckets on the trucks, welders design are being fabricated together in about 30 per cent local content in some cases.

Calling on the Federal Government to urgently come up with policies that would encourage automobile component manufacturers to come and build factories in Nigeria, Shittu likened Nigeria to a big market for manufacturers and investors.

For their investments to birth positive fruits, he sought the need for the Federal Government to enact policy that would attract investors.

He said if the government places 100 per cent duty on imported versions of the products that are sourced locally, no Nigerian manufacturer of vehicles would be buying imported parts when the locally-made are cheaper and of the same quality.

Investors King gathered that LSM has the potential to manufacture 2500 vehicles annually and it became a household name with the MAC and JAC heavy-duty trucks in October 2018.

It is a certified KIA, NISSAN, and Jinbei Bus dealer before its full venture into vehicles manufacturing.

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Company News

Tesla Releases Fourth Quarter Result, Misses Wall Street Revenue Prediction But Beats Earnings

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Tesla earnings

Automaker and clean energy company Tesla on Wednesday released its fourth-quarter results, missing wall street revenue prediction but surpassed that of earnings.

The Wall Street consensus for Tesla’s Fourth quarter (Q4) earnings was $24.6 billion in revenue and earnings of $1.13 per share. Meanwhile, Tesla’s revenue was down $280 million from wall street expectations, after it posted a revenue of $24.32 billion million but beat the earnings expectations with $1.19 per share.

At the end of the Fourth quarter (Q4), Tesla had $1.4 billion in free cash flow, down from the $3.3 billion cash flow recorded in the third quarter. Its stock witnessed a 3.2% spike to $149 per share after the earnings report became public and has continued to rise to $151.52 in the premarket.

Tesla closed the quarter (Q4) with a 16% operating margin, while its Automotive gross margins came in at 25.9%, the lowest figure in the last five quarters. Also, its operating cash flow was down 29% from last year, and down 36% from last quarter, coming in at $3.28 billion.

In terms of deliveries, the company disclosed it produced over 439,000 vehicles and delivered over 405,000 vehicles, bringing Tesla’s 2022 full-year deliveries to around 1.31 million vehicles.

Investors King understands that in 2022, the automaker slashed the prices of its vehicles around the world, a strategy that sparked demand for its vehicles.

Speaking on the slash of its vehicles, the company CEO Elon Musk said, “Price matters, the vast number of people that want to buy a Tesla car, can’t afford it, and so these price changes really make a difference for the average consumer.”

In October 2022, Tesla announced price cuts in China by up to 9% on the Model 3 and Model Y, reducing prices further by nearly 14%.

Earlier this month, it lowered the price of its long-range Model Y crossover (20% to $52,990) and Model 3 Sedan (14% to 53990) for U.S. buyers.

Musk disclosed that after Tesla slashed the prices of its vehicles, January saw the strongest demand ever in Tesla’s history, which he said that the demand exceeded production.

On the other hand, Tesla on Tuesday announced plans to invest $3.6 billion more into its Gigafactory in Nevada, adding two new facilities dedicated to building battery cells and Tesla semis, as it disclosed plans to boost production by 50% this year.

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